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this over the budget. >> goodbye fiscal cliff hello debt ceiling. >> the fiscal cliff fight was ugly but will the debt ceiling struggle be eveninging uglier. >> hard to believe but this could get uglier. [ laughter ] the government is aetch perfecting the legal limit for how much kit borrow also known as the debt ceiling. republicans can demand that the president make spending cuts or we'll hit the debt ceiling and go through it. [ laughter ] or get crushed by it or you know what? we might have to make a skylight in it. sounds nice. it's pretty but they rarely get caulked properly and when it rains, it drips and ruins your sisal carpet. the republicans are clearly in a strong position but the president might have a trick up his sleeve. >> is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and a congressman are suggest a $1 trillion platinum coin could be minted and the government could use it to pay the debt, avoid default and preempt the debt ceiling crisis. >> stephen: we should have known that a coin was obama's solution to everything. i
every day. deal with the debt ceiling? >> the fiscal cliff did not fix the debt. is this tax policy or fixing in debt and deficit? and but i was a big supporter to say we got it deal with debt and deficit. >> you voted against the fiscal cliff? >> we have three saying scram together by the senate and the presidency. the debt ceiling, and the sequestration also a continuing resolution. of three moments are a good moment to do with spending but they are very different. sequestration is we will cut spending $100 billion. >> what i asked is can we trust congress to do the right thing when it comes to the debt ceiling? seventy-seven% of the people say washington d.c. is hurting the nation. folks are on to the game how likely is you can solve the debt ceiling issue and also save money? >> that will complete the depend on everybody coming to the table. we have the senate that things one thing in the house that thinks something different to. and tell there on the same page it is tough. the senate has not passed a budget in four years? it makes it difficult to do a budget agreement. so we ha
to deal with the debt ceiling, the fiscal cliff and the all in the comes months. >> kristen, we look at the optics of this, the inner circle being all white men. what is the tone in washington especially since was the obama coalition that got obama in for a second term? >> well, look, the white house is kernel getting criticism over this issue, especially from women's advocacy groups who are saying there aren't enough women in the top positions at the white house. the white house playing defense on this issue. jed jay carney asked about this saying that diversity is an important issue for the president but he's also choosing especially in these top spots, the people he believes he will work best with, best for the job. there are also reports 0 out that 43% of the appointees here at the white house are in fact women. that's actually an increase if you look at the bush administration. although not as high as the clinton administration. but they are certainly coming under some criticism. for the way in which this cabinet is shaping up. >> nbc's kristen welker live for us. thank you. >>>
and the debt and debt ceiling and lots of discussion about that, budget cuts, spending cuts possibly coming up the top republican on the nature side they may not get to gun control until the spring. richard. >> a lot of political capital will be spent on those issues. thank you so much. >> more turbulence for boeing's dreamliner. a fuel leak on a 787 forced it to cancel takeoff and return to the gate. one day later, a different plane also at logan caught fire. it was empty at the time. united airlines, the only american airier to operate the dreamliner said it has ordered inspections of all of its 787s. it's not a serious problem given the high-tech plane but they warned it could still undermine consumer confidence. >>> the government is calling for an urgent review of the nation's arctic offshore drilling practices in the wake of a series of missteps voflg the shell oil company. this week's grounding of a shell oil rig off the coast of alaska is just the latest in a string of blunders zaents involving the company's ship and support equipment. the 60-day assessment could halt or scale back pla
online that could solve the nation's fiscal cliff, the debt ceiling. the white house's decision to mint a $1 trillion coin has more than 6,000 signatures in the week since it launched. according to an expert, a coin worth 1 trillion bucks would be the size of a solid platinum 747 airplane. that's pretty heavy. >>> on the other hand, if you want to go broke, one new york restaurant is offering a restaurant is offering a four-course meal at $2,013 it comes with two pounds of lobster, truffles, wine and a plate designed by johnny versace. >>> if you're headed down under next month, the name underneath the golden arches won't be mcdonald's. in honor of australia day, mcdonald's signs are changing to maccas, an aussie name for the chain. >>> a bull on the loose gives a traffic cop the scare of a lifetime. >>> and the painful reason why rex ryan is hoping mark sanchez is upping his game next season. ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. . >>> here's your "first look
and not have a discussion about the fiscal cliff and now the debt ceiling and then probably the next one. we need to continue to generate confidence. and if we do that, i think we will have nice markets here, automotive being one of those in the u.s. aerospace, very important. we could see, also a rebound in the building and construction market. >> susie: you mentioned the word confidence, and the word that we mostly hear from any business companies, they use the word concern. you've heard this all the time. how does that impact alcoa. how does it impact your order? >> well, it impacts them -- for instance, let's go to the smaller medium business owners in the truck business. all right? where we saw they have pretty much been cancelling orders in the last year, and it has been coming down. there was a little blip in the fourth quarter because they saw the tax credits would be running out, and that's why they ordered again. but i saw people reading the news and watching tv, and they ask themselves, do i invest in my business or do i not? the average age of the fleet that they hold is older th
, you mentioned the debt ceiling, don't forget the other cliff that we face, which starts on march 1st now, which is those automatic across the board spending cuts which republicans say we're willing to go through with those unless we get a deal with the democrats on those big entitlement programs. stuart: they're going to stand firm. maybe firmer ground to stand on, i'll give you that. >> that's right. stuart: but they've got former speaker pelosi saying we still need more revenue and this time we'll get it not by raising tax rates on the rich, but just by reducing and restricting the deductions available to them. that's another taxing. so, i mean, the parsing is clear. whether or not they get it in this debate, that's not a story, but the policy is clear, raise taxes on the rich, no matter what, do not cut spending, do not reform entitlements and ignore the debt. that's the policy. >> you're exactly right, stuart. basically the bottom line there, the two sides, the republicans and democrats are as far apart today as they were three months ago before this all began. and i've talked to
's talking about the fiscal cliff. rightfully so. >> you mean the debt ceiling? >> yeah, fiscal cliffs i would call it. because i think there will be an interesting debate that we haven't really embedded in the market yet. >> we fixed the fiscal cliff. we're done. we're all good. >> i think we're going to be hearing more about this cliff in the second round. we've already heard it -- >> it abyss? the debt ceiling or abyss? our -- >> both. >> our long-term problems or the debt ceiling? both? >> both. absolutely both. you know, it's maybe early -- >> everybody's got the leave off the zeros, it's compelling. making $22,000. we're spending 38, adding $16,000 to our credit card every year. >> and you owe -- >> we already owe $150 -- $162,000. that does -- that hits home. can you imagine a household trying to operate like that? >> people write back that the analogy is flawed because the household, as a household you're earning currency -- it shows how much we've overspent. >> we cut -- and we raised $38 or something. >> it's too small, right? at $600 billion over ten years, it's not even a dro
it right? will we go over the cliff, another debt ceiling and if we don't we could have a very robust capital markets this year, an that's what encourages me for the big money centers. for the smaller guys starved for loan growth and margin pressures they will be buyers. the really small guys will be the sellers and you'll see a lot of m & a opportunity out here. >> jason this morning you raised estimates on three banks. you lowered estimates on nine banks. tell me what was behind that. you're expecting the quarter to be what, more negative than positive for the sector overall? how do you see it? >> fine tuning here and there with overall estimate. i think generally for the earnings for the quarter. we think about half our banks will beat expectations. half miss. if you think during the course of 2011 the banks steadily beat numbers and fourth quarter a lot due to expenses they hit a road bump. this year they have beaten consensus through the first three quarters of the year so it's interesting to see what the fourth quarter brings, but we do think the market compression will be an is
. they have not only those spending cuts that were delayed as part of the fiscal cliff, they have the debt ceiling to deal with and now these nominations of chuck hagel and john brennan over to the defense department and cia. so now, it is a question of how much time they have, but a lot of people will be watching, does harry reid make that time? >> some states are taking this one step further, proposing state laws that would make it criminal for a doctor like yourself to ask a patient. you could lose your medical license for asking, is that correct? >> yeah, it was even more than that in the original version of the bill down in florida, for example. and there are seven other states like this. the original version is that you could impose jail time for simply asking. so a physician asking a patient about guns could land them in jail, according to the original version. there was a scaled back version that was subsequently put forward, that you could still lose your medical license, you could get financial penalties. that was subsequently overturned by a federal judge, but it's being appeale
th minute. this is a pattern everyone has gotten used to but the fiscal cliff and the debt ceiling are the last big tail risks we think of the tail risks that we have to worry about, saw we would say once we get past that over the next several months we think it will lift a little bit of a cloud and investors will take risks. >> good to see you. >> good to see you. >> thanks so much for joining us. >> bob, thanks to you as well. ten minutes to go before we close it up. the dow jones industrial average holding on to a gain of 50 points. >> well, this herbalife soap opera is continuing. herb greenberg is coming up. all over the big move in the stock. take a look. up 3.25% right now. we'll show you what's behind it. >> and can you believe the iphone was only introduced five years ago? it is true. five years ago today, in fact, so here's a trivia question for you. the iphone alone is worth more money than what whole tech company combined? tweet us your guesses at cnbc/closing bell. at 1:45, the aflac duck was brought in with multiple lacerations to the wing and a fractured beak. surger
these emergencies, the fiscal cliff negotiations, the debt ceiling, then they don't feel like they have to do it. i'm not going to pretend i'm a person who can go into the senate and get these people to talk to each other and come to some kind of a conclusion and do what they're supposed to do. this is so out of control and so unacceptable that they think that they should be able to operate this way. i'm just being honest with you. i wouldn't even know where to start. melissa: mark, what do you think? what is the first step getting a budget together? >> i think the first thing we need to do is deal with the pressing problem, what are we really negotiating about? is it about talking about cutting spending or are we talking about spending more? that is where the compromise comes in and unfortunately we're at a point right now with the democrats, we have republicans trying to put the brakes on the car before it goes over the cliff and the democrats want to negotiate how fast the car should go. in my mind until we get to the point where we discuss compromise on spending and compromise on cuts we can't
. with the fiscal cliff in the rear view mirror, raising the debt ceiling is washington's next big drama. we look at why its so important. >> susie: i'm susie gharib. that drama, could have a new cast member, we're learning the president will nominate jacob lew as his next treasury secretary. >> tom: and with its reputation already on the ropes, a.i.g., the big bailed-out insurer, decides against suing uncle sam. >> susie: that and more tonight on "n.b.r."! >> tom: there could soon be a new signature on the dollar bill, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tr
the upcoming fight over the debt ceiling could force the treasury department to delay sending out tax refunds. >>> and on march 1st, the treasury department will stop sending social security checks through the mail. recipients have to switch to electronic payments, either direct deposit or debit card. the change is expected to save taxpayers $1 billion over the next ten years. terrell? >> erica ferrari, thank you so much. >>> coming up next your wednesday morning weather and how lance armstrong allegedly bullied his critics into keeping quiet. scott pelley spoke with the person in charge. living with moderate to severe rheumatoid arthritis means living with pain. it could also mean living with joint damage. help relieve the pain and stop the damage with humira, adalimumab. for many adults with moderate to severe ra humira is clinically proven to help relieve pain and stop joint damage. so you can treat more than just the pain. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal events, such as infections, lymphoma or other t
ceiling was january 31. just trying to mesh that with the fiscal cliff. and the republicans said no, separate issue. it is also a separate issue from the sequester. and what the republicans have said and what they told the president to a year and a half ago. the president lost, but likins won on the question of if we wanted to raise the debt ceiling because obama is overspending. you have to cut spending dollar for dollar by the same amount. speaker boehner has reiterated that that is enough. so has mitch mcconnell. the president of united states can stand up and say that i lied to you and i said i wanted to reduce running. i like you, and i said i was going to offer government reforms. but if he does that, i think he isn't is in a very weak position and democrats are killing themselves if they think that the american people want to continue overspending. and the debt that obama is running out. we can give the president a month of debt ceiling increase or six months or year. then you have the continuing resolutions. because the democrats have not passed the budget or written a budge
line debt ceiling and budget negotiation including the fiscal cliff that happened. >> greta: the irony of opening the door to your new office and finding an office full of manure because the other guy left is fascinating. eric, thank you. >> thanks a lot. >> greta: a video that everybody is talking about a dream wedding in a hot air balloon takes a surprising and scary turn. the bride and groom just exchanged wedding vows over the skies in san diego, and the wind began to swing it back and forth like a pendulum, force it go to crash into a fence in the neighborhood. the bride and groom are uniphased and now on their honeymoon. that's what you call a wedding video. and coming up, it could be a devastating blow to the investigation, the benghazi terror attacks and one of the only suspects in custody was just released. a live report from tunisia. in two minutes when you thought you've seen it all. a new reality show sparking outrage before it aired. has tv finally gone too far. has tv finally gone too far. you see y y y y y the capital one cash rewards card gives you 1% cash back on all p
the previous ones or certainly not better in any way because there's higher stakes with this debt ceiling a lot of people would argue and it doesn't look like either side is necessarily budging. i this i the republicans are -- i think the republicans are betting maybe the tax hikes were off the table, and then pelosi on down the democrats are saying no that's not the case. how do you see the next round going? >> i think unfortunately people have an expectation that there will be theatrics, brinksmanship, then there will be some sort of agreement or deferral or kicking the can down the road, and nobody has an expectation that there will be effectiveness or really solving a problem, certainly solving a problem for the long-term. there's just diminished expectations about what washington generally and congress specifically can even achieve and people are getting discouraged and that becomes sort of a self-fulfilling prophesy where people don't expect much. they don't get much. and it's a circle. it's a cycle that inhibits washington, government's effectiveness, congress's effectiveness and it's a
-created cliff of some sort? >> well, here are the facts: we have to raise the debt ceiling. leader mcconnell and speaker boehner have said that in the past, that its inconceivable that we would default. and that's one issue, and that is an issue that is congresss responsibility, and they need to fulfill their responsibility and make sure that the united states of america, as it has throughout its existence, pays its bills. separately, we continue to have challenges embodied in one instance by the sequester that we need to resolve in concert with congress. and the need to do that presents an opportunity to in a balanced way achieve further significant deficit reduction. the president, as you know, twice now has pursued a big deal with speaker boehner that in its totality would have achieved over $4 trillion in deficit reduction over a decade. because of the nature of those negotiations and the inability of the speaker to, in the end, reach a compromise with the president, we have found ourselves needing to take sort of smaller steps in pursuit of that overall goal. but the goal remains one th
about fights over the debt ceiling. but let's be frank. this is going to take some courage from him, isn't it? >> it really is. this is about a mortality clip. not a clip you slip into your gun, but the kind of pace at which we proceed in this nation believing that we are somehow immortal or we are beyond the call of our own common humanity to the cries of children muffled with gunfire that is so rapid and automatic that it leaves in its trail an enormous and hey nous carnage. the president has to say enough is enough. he must be our voice piece. the voice of the people speaks through his own voicebox right now. and he must articulate our outrage, our desire to see something done. and to exercise the leverage he has as president whether as julian said an executive order or ginning up the kind of protest against the outrageousness of the nra or galvanizing the sentiments of this nation to finally say look we have paid the ultimate price. we are talking about abortion, of mortgaging the future. what about the explicit denienl of life to millions of young people as a result of the pregnancy
to hear us talking about around here is the debt ceiling, which, make no mistake, has the capacity to crash the u.s. economy. so wouldn't it be just like the current thinking in washington and the cast of characters there if they could mint a coin they could spend that could solve the problem. believe it or not, some serious people are asking, why not? our report tonight from nbc's kevin tibbles. >> one fight down is another taken up. >> reporter: deadlock in washington? again? >> take all the fights we had, and put them all in one fight. >> some are even threatening another government shutdown. >> reporter: how to solve it. ♪ what if we simply minted a platinum trillion-dollar coin? not entirely new, the trillion-dollar bill was introduced on "the simpsons." >> ooh, a trillion-dollar bill, that's a spicy meatball. >> reporter: still it is an idea getting a lot of currency online. petition with more than 6,000 signatures and nobel prize winning economist paul krugman says the president should be ready to mint that coin. in theory the treasury would mint the trillion-dollar coin a
and the budget resolution as well as the bigger issue around the debt ceiling. and then we need to get to the longer-term issues in terms of where america is going, and that starts with tax reform as well as immigration issues and infrastructure issues. >> i hear the same message from business people across the country. we need more certainty from washington if we're going to kick start growth in this economy. is washington helping or hindering in a bid to bring unemployment down in the country? >> being the optimist that i am, i say washington is attempting to help. what was passed at the end of the calendar year was a good first start. but there's a lot more that needs to be done. they are helping. if we can get past some of the partisanship and get into citizenship, we can move along a lot more quickly. businesses are frustrated. >> what are the bigger things you mentioned, the things america needs to do to stay competitive in this challenging economic environment, domestically and globally? >> absolutely. first, you've got to get through the fiscal issues. balance in the deficit an
-called mini cliffs, the big one, the debt ceiling, something he will have to deal with right away. >> when is the formal announcement of the nomination expected and another partisan fight down the road? >> very well could be. we have been trying to nail it down. all we have from sources is that it will happen sometime this week mptd not certain if that is tomorrow or friday or over the weekend but it will happen sometime this week. we have seen already in other nominations that the president has put forward that there has been a pushback from republicans and democrats to the nominee. unclear how the lew nomination will go. i think by all accounts everyone believes that he will be able to get confirmed. but there are concerns not only from wall street but all the way to main street that he doesn't have the experience needed to tackle the big challenges ahead. >> thanks for that. let's bring you in. timothy geithner being with the president from the beginning they have faced financial hurdles together. still facing that $16.4 trillion debt ceiling coming up. why is the white house so sure j
on the fiscal cliff, that's great. i can't wait to see what he's going to do on the debt ceiling, on the sequester, and on the continuing resolution as we get closer to his d-day. >> the thing, though, is in terms of national brand management, when you look at the polling, right, the approval rating, john boehner's approval rating on handling the debt ceiling negotiations, 31%. his disapproval rating is 51%. the president's disapproval rating 52%, disapproval, 37%. >> that's what i found hysterical. john boehner's office put out this dramatic statement that he would no longer sit down at the table and be part of the negotiations as if that's been a path to victory or he realized he had no role in this, no effective role. the problem with the republican party is they don't know who they are. they can't figure out who they are. you mention tom cotton. i know another interview i read from him recently, he said, i'm ready to take my medicine. he's not taking any medicine, it's the american people, the people getting their health care cut, their education funding cut, and it's like ge
leverage now over the debt ceiling. >> yeah. >> sean: so my question to you, you said they should be willing to shut the government down, not all functions. >> right. >> sean: what would you shut down and do you think your fellow republicans had do that? >> well, i hope we stand strong. the reason we got a lousy deal with the fiscal cliff, because president obama had the leverage. because when you've got a divided government, whoever owns the default, whoever wins if nothing is done is in the strongest position, obama was in a strong position there if nothing was done taxes were raised on every american taxpayer. with respect to the debt ceiling, we have the default. if fiscal conservatives can stand together we can have some substantive reforms, pro reforms, if not a default and obama it going to say that over and over and over again, we should be clear, it's not a default we should always, always, all the pay our debt. what it would be a partial government shutdown. we saw it in 1995 with republicans in congress. >> sean: it worked. we got to a balanced budget for the first time
go again, in the next major debt battle which has to do with the debt ceiling, the next chapter of this whole thing. they gave up on the tax hikes in the fiscal cliff deal. democrats have promised to deal with cuts during the next fight and extending the nation's credit card limit but critics say the potential nomination of the white house chief of staff jack lew to treasury secretary shows president obama has no intention following through on cuts. here is charles krauthamer on this last night. >> he is not interested in spending cuts. he is not interested in reform. he wants to defend the entitlement state. he wants to defend obamacare. even add on to it. he calls it investments. of course normal people would call it spending. and lew is the guy you want if you want to hold the fort what i call reactionary liberalism. you have the great achievements of the last century in building an entitlement state. he is the guy who would defend the for the. martha: great achievement in building entitlement society. says charles krauthamer. we have marjorie clifton and braid blakeman. good
for a washington-created cliff of some sort? >> well, here are the facts. we have to rise the debt ceiling. they said it's inconceivable we would default, and that's one issue. and that is an issue that is congress' responsibility and they need to fulfill that responsibility and make sure that the united states of america as it has throughout the existence ens raise the bills. we continue to have challenges embodied in one instance by the sequester that we need to resolve in concert with congress. and the need to do that presents an opportunity to in a balanced way achieve further significant deficit reduction. the president, as you know, twice now has pursued a big deal with speaker boehner that in its totality would have achieved over $4 trillion in deficit reduction over a decade. because of the nature of those negotiations, and the inability of the speaker to in the end reach a comprise with the president, we have found ourselves needing to take smaller steps in pursue that overall goal. the goal remains one that the president believes is the right one. he hopes that in dealing with ou
are we going to do about the debt ceiling, because others worry about it for us. >> bret: you talk to businesses all over and what they see from washington and the back and forth. what do you hear? >> there is another cliff here. regulatory cliff. the massive new regulation in obamacare, the regulation that are going to come out of dodd frank. only 20-25% are done already. unbelievable regulation from the environmental protection agency and all the things happening on the labor and employment rules. no reason to be surprised why business is sitting on trillions of dollars. they have to figure out what it will cost? how many full-time people hay will hire or jobs some place else? this is an unbelievable burden. if you add businesses and debt, business people wonder what will come next. if we pay some attention, have some positive fix on the issues you could watch explosion of the economic growth in this country we haven't seen in a long time. if we don't, it may go the other way. >> bret: what about your relationship with this white house? chambers' relationship with this white hous
as the bigger issue around the debt ceiling. and then we need to get to the longer-term issues in terms of where america is going, and that starts with tax reform as well as immigration issues and infrastructure issues. >> i hear the same message from business people across the country. we need more certainty from washington if we're going to kick start growth in this economy. is washington helping or hindering in a bid to bring unemployment down in the country? >> being the optimist that i am, i say washington is attempting to help. what was passed at the end of the calendar year was a good first start. but there's a lot more that needs to be done. they are helping. if we can get past some of the partisanship and get into citizenship, we can move along a lot more quickly. businesses are frustrated. >> what are the bigger things you mentioned, the things america needs to do to stay competitive in this challenging economic environment domestically and globally? >> absolutely. first, you've got to get through the fiscal issues. balance in the deficit and budgets, number one. and then we need to ge
months, as the government reaches its debt ceiling and can't borrow any more money. president obama wants to lift that ceiling. the republicans don't. and it appears we're heading for another "thelma and louise" ride to the edge. remember -- they went over. we'll discuss that possibility next week with paul krugman, the nobel laureate in economics and "new york times" columnist whose bestselling book, "end this depression now!" calls for full employment as an alternative to austerity. read it, then send us the question you would like me to put to paul krugman. meanwhile, another reality beckons and there's a menace more threatening than the fiscal cliff ever was. what should really be scaring the daylights out of us -- the crisis which could make all the others irrelevant -- is global warming. get this one wrong and it's over -- not just for the usa, but for planet earth. that's the message delivered by hurricane sandy, and by almost all the extreme weather of the past two years. and here in the first month of the new year, it's the message from the most informed scientists in the world.
on the budget. the reason why is that there is -- it's -- the debt ceiling is not about authrising spending. it's about paying bills. to the extent they want to send us over the cliff, last time they did it, we had our first credit downgrade. it's going to cost us $90,000,000,000 interest payments. we do it again, credit downgrade and the president is not going to play the game. they send us into default. the power to do that is the power to destroy. the power, they have the restraint not to. if we increase the cost of debt service for taxpayers 1%, that's a $1 trillion additional expense over 10 years. this is just not to rabble. >> i know the people of vermont that are listen this morning watching in on current tv should be very very proud. congressman welch, you are tryingdor something about it. one thing, you have entered into two resolutions. one that would get -- they would cut the strings that the republicans want to attach to the debt ceiling. what's the other thing you are working ol to make sure this doesn't happen again? >> it's a reimplementation.
for negotiations over the federal budget and debt ceiling. this is an hour and a half. >> welcome to the urbana city's first tuesday. our topic today is the fiscal cliff. i'd like to welcome everybody in the room. those of us on c-span and those on the web. my name is howard deutsch, editor of the urban workings blog tax box. the fiscal cliff this what i hoped we would never hear again. one of the great helmet value of 2011 was intended to be fiscal wounds so severe it would drive congress and the president to grant a long-term thing to reduce the deficit. the idea was democrats would agree to cut spending republicans consent to raise taxes, all necessary compromises to avoid the spending cuts and massive tax increases that would occur if government toppled over the cliff. at the time, skeptic predicted a different outcome. the figure congress and the white house would agree only one thing and that was to find a way to tap the consequences through delay and obfuscation. kessler said the congress did on new year's, but it did do other things as well. so over the next two months or face of ferryb
of that dialogue and the need to raise the debt ceiling and focus on spending cuts, it will be interesting over the next few weeks to see where corporate tax reform falls out of that conversation. >> i'll make my way over here in a moment. >> david -- [inaudible] can you tell us what is your top legislative priority this year? >> we have a lot of priorities. as i mentioned in the earlier comments, the first one is to encourage government and policy makers to do no harm. if we look at the game-changing opportunity that occurred at the energy area particularly in oil and natural gas today, it's revolutionary truly. our first council as we look to the priority is to say don't do anything that would discourage that investment and economic. when we look at priority we look at regulatory regime. we look to the congress and say what else can we do to open other area of access. we're not talking about national park or sensitive areas. we're talking about areas that have potential for vast oil and natural gas development. the industry would be prepared to invest billions of dollars to hire hundreds of t
over the debt ceiling and spending. do you want to see the republican party stand firm and refuse to raise the debt ceiling until there are severe, dramatic and severe spending cuts, keeping in mind the last time we debated this, the credit rating of the united states is lower. are you willing to risk that again? >> i think we need to stand firm on getting some real significant spending reductions. we've now done what the president wanted to do. he wanted to raise taxes on the highest earning americans and republicans have now acquiesced to that. now it's time for the president to stand up and say here is what i need to do. if he's going to be a credible compromiser, he needs to stand up. >> do republicans refuse to raise the debt limit if those spending cuts are not deep enough? >> we've got a bunch of different options at our disposal. continuing resolution coming up in march. you have a number of other things that you can do that includes the debt ceiling. my point is that you have to get to the table and start working now. if we wait before the week or so before to start talki
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